OPEC Plus emphasizes navigation in oil markets
The article focused on the role of maritime navigation and energy corridor security in stabilizing the global oil market. The joint ministerial oversight committee of OPEC+ noted that protecting maritime routes—especially passages like the Strait of Hormuz and Bab el-Mandeb—is essential to ensure the continuous flow of oil supplies. They warned of attacks that could disrupt maritime journeys and increase shipping costs. Data confirmed that about 76% of global oil supplies pass through the seas, and disruptions such as Houthi attacks in the Red Sea reduced oil flows through Bab el-Mandeb by over 50% in 2024. This led to shifts in shipping routes and higher costs. The key message is that oil market stability depends not only on production but also on safeguarding navigation routes. Disruptions to these routes increase costs and impact global energy prices, threatening market balance and fueling greater volatility.
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